In February 2013, ELV formed a joint venture with a local developer to develop a 4-story, 70,000 square foot luxury condominium building with 9,500 square feet of street-level retail in Wellesley, Massachusetts.

Demand for luxury condominiums together with scarce inventory in the affluent town of Wellesley, just 12 miles west of Boston, drove our interest in developing this boutique project. Construction commenced in early 2014 and was complete by the end of 2015 with all residential units sold by mid-year 2016. The retail space was sold in December 2016, generating a 14.45% IRR over the holding period.